tag:blogger.com,1999:blog-22117537701335161382014-10-06T20:48:56.657-04:00Look Out for The Little Guy '08Credit Union Earnings to Me!http://www.blogger.com/profile/16018419798192093879noreply@blogger.comBlogger55125tag:blogger.com,1999:blog-2211753770133516138.post-32352908848195884302008-05-13T13:52:00.002-04:002008-07-28T13:57:16.730-04:00Washington Post: Credit Unions Great for Promoting ThriftA personal finance columnist for <em>The Washington Post</em> backed a new idea Sunday to launch a national thrift campaign and noted credit unions should be featured as an important tool to fight consumers' excessive reliance on credit.<br /><br />Michelle Singletary, who writes "The Color of Money" column for the publication, noted a movement afoot by a coalition of consumer advocates, public policy groups and academics. They want to attack the country's dependence on debt by "creating a national campaign much like the one used to curb smoking."<br /><br />The organizations mounting the effort include the Institute for American Values, the Institute for Advanced Studies in Culture, the New American Foundation, Public Agenda, the Consumer Federation of American and the National Federation of Community Development Credit Unions.<br /><br />I agree with Michelle! Let's <a href="http://www.washingtonpost.com/wp-dyn/content/article/2008/05/10/AR2008051000189.html">make it cool to save!</a><div class="blogger-post-footer"><a href="http://www.lookoutforthelittleguy.org">Credit Unions Look Out for the Little Guy.</a></div>Credit Union Earnings to Me!http://www.blogger.com/profile/16018419798192093879noreply@blogger.com1tag:blogger.com,1999:blog-2211753770133516138.post-60535603907076800992008-02-27T22:32:00.002-05:002008-02-27T22:39:03.949-05:00Poor Banks--Members Demand CU Small Biz LoansPoor banks. They're having to fight credit unions who have the audacity to try to serve their members with small business loans. That's the tone of a tongue-in-cheek article written by the San Antonio market's top business columnist.<br /><br />David Hendricks' article, "Man, credit unions have really got their nerve," appears in the <i>San Antonio Express-News</i> (Feb. 26). It notes that "those darn credit unions" are "at it again, trying to lure business away from banks."<br /><br />He tells the story about credit unions responding to member demands for small business loans. And then the banks got selfish.<br /><blockquote>"That's when credit unions became alarming, and banks knew what to do. They hired lobbyists to make sure the credit unions didn't get too big for their britches. Congress set things straight in 1998 by limiting credit-union business loans to 12.25 percent of any credit union's assets."</blockquote><br />Mr. Hendricks is one smart business columnist. Read the <a href="http://www.mysanantonio.com/business/columnists/dhendricks/stories/MYSA022708.01D.hendricks.3003f28.html">entire piece here</a>.<div class="blogger-post-footer"><a href="http://www.lookoutforthelittleguy.org">Credit Unions Look Out for the Little Guy.</a></div>Credit Union Earnings to Me!http://www.blogger.com/profile/16018419798192093879noreply@blogger.com0tag:blogger.com,1999:blog-2211753770133516138.post-82803022810564612432008-02-20T09:37:00.003-05:002008-02-20T09:45:10.521-05:00Kansas Activist: 'Banks Try to Limit Choices'Glenda Overstreet, an active volunteer in Topeka, Kansas, railed against bank efforts to limit financial choice in her state. She urged her fellow citizens to stand up for themselves.<br /><br />Overstreet says she's not anti-bank, but notes anything that suppresses the consumer's right to choice is of deep concern.<br /><blockquote>"Don't get me wrong--I'm not against banks because I also use them. I'm against any effort that would restrict freedom of choice because I believe competition keeps companies focused on ensuring quality customer service."</blockquote><br />She urges readers to contact state lawmakers to make their views known.<br /><blockquote>"Those whom I have visited with on this issue believe many banks, with the exception of a few, don't meet the needs of the community when it comes to providing financial alternatives for small-business loans, emergency personal loans or financial matters that help meet low-income or working poor challenges."</blockquote><br />Read the entire post <a href="http://blogs.cjonline.com/index.php?entry=6444">"Glenda Overstreet: Banks try to limit choices."</a><div class="blogger-post-footer"><a href="http://www.lookoutforthelittleguy.org">Credit Unions Look Out for the Little Guy.</a></div>Credit Union Earnings to Me!http://www.blogger.com/profile/16018419798192093879noreply@blogger.com1tag:blogger.com,1999:blog-2211753770133516138.post-62133470041464736092008-02-19T09:16:00.000-05:002008-02-20T09:34:46.721-05:00Miss America's Credit Union!The tune, "There she is, Miss America..." replayed in my head for more than an hour after I read this follow-up story in the <i>NY Daily News</i>. (The worst part is those are the only lyrics I remember from when my parents and I watched Bert Parks croon yet another teary-eye beauty queen. I needed a strong shot of <i>Linkin Park</i> to rinse it away.)<br /><br />Check it out: <a href="http://www.nydailynews.com/money/2008/02/18/2008-02-18_former_miss_america_an_east_harlem_homeo.html">Former Miss America an East Harlem homeowner thanks to credit union</a>.<div class="blogger-post-footer"><a href="http://www.lookoutforthelittleguy.org">Credit Unions Look Out for the Little Guy.</a></div>Credit Union Earnings to Me!http://www.blogger.com/profile/16018419798192093879noreply@blogger.com0tag:blogger.com,1999:blog-2211753770133516138.post-14002301267170770322008-02-18T13:25:00.003-05:002008-02-18T13:41:25.986-05:00Actors Have Their Own Credit UnionSince it's Oscars week, a story in today's <i>New York Daily News</i> is especially timely. Actors Federal Credit Union in New York City focuses on the needs of--you guessed it--actors.<br /><blockquote>The credit union's first mortgage borrower was "Law &amp; Order" star Jerry Orbach, who died in 2004. When he got a loan for a West Side brownstone in 1967, he had a role in "The Fantasticks," which became the longest-running off-Broadway show ever.</blockquote><br />One credit union loan officer named Paul Cole is a former actor. When making a home loan, Cole doesn't just consider a potential borrower's credit history. He really knows his members:<br /><blockquote>"When a would-be borrower's main source of income is a play, Cole checks ticket sales, reads reviews and tunes into industry buzz to assess its chances for a continued run."</blockquote><br />The story explains why this credit union is so focused on these thespians:<br /><blockquote>Because it's a credit union, it's a nonprofit owned by its members. Deposits fund the mortgages. It keeps its $35 million mortgage portfolio, rather than reselling the loans to investors, the common practice which contributed to the subprime mortgage mess.</blockquote><br />Cole also explains his prudent due-diligence in making mortgage loans:<br /><blockquote>"We are determined to make our members homeowners, but we're not a charity," he said. "We must also protect our assets."</blockquote><br />Click <a href="http://www.nydailynews.com/money/2008/02/18/2008-02-18_credit_union_helps_actors_with_loans.html">here for the complete story</a>. That's a wrap!<div class="blogger-post-footer"><a href="http://www.lookoutforthelittleguy.org">Credit Unions Look Out for the Little Guy.</a></div>Credit Union Earnings to Me!http://www.blogger.com/profile/16018419798192093879noreply@blogger.com0tag:blogger.com,1999:blog-2211753770133516138.post-34478501553000711172008-02-15T13:00:00.000-05:002008-02-18T13:21:03.904-05:00Credit Unions = People<a href="http://farm3.static.flickr.com/2303/2264704883_738e47122a_o.jpg"><img style="DISPLAY: block; MARGIN: 0px auto 10px; WIDTH: 400px; CURSOR: hand; TEXT-ALIGN: center" alt="" src="http://farm3.static.flickr.com/2303/2264704883_738e47122a_o.jpg" border="0" /></a><br />A scene on Capitol Hill in Washington, D.C., during one cold February morning warms my heart.<br /><br />People, like me, lined the sidewalks to let lawmakers know warm-blooded Americans embody credit unions. "Purpose" is the difference between credit unions and banks.<br /><br />People drive credit unions. Profits drive banks.<div class="blogger-post-footer"><a href="http://www.lookoutforthelittleguy.org">Credit Unions Look Out for the Little Guy.</a></div>Credit Union Earnings to Me!http://www.blogger.com/profile/16018419798192093879noreply@blogger.com0tag:blogger.com,1999:blog-2211753770133516138.post-25133972579637462862008-02-14T12:29:00.004-05:002008-02-14T12:44:03.049-05:00Wall Street Journal: Credit Unions Offer Lifeline On Mortgages<blockquote><i>"When it looked like Candido Rodrigues would lose his home, he was rescued by an unexpected source: a credit union."</i></blockquote><br />That's the opening sentence of the a story which appeared in the Feb. 13 edition of the <i>Wall Street Journal</i>.<br /><br />It's a story about how credit unions are helping Americans like me get unstuck from the subprime mortgage muck. After years of record profits, banks--and their investors--now are stinging from losses and reluctant to accept additional risk. "Credit unions to the rescue," exclaims the <i>Journal</i>:<br /><blockquote><i>"Unlike big lenders, credit unions didn't suffer heavy losses in recent months because they never made risky subprime loans.</i></blockquote><br />The story says many credit unions continue to refinance subprime loans and offer banking products no longer available from other lenders, including five-year adjustable-rate mortgages. And why do credit unions do this?<br /><blockquote><em>"Credit unions," says Allen Fishbein, director of housing and credit policy for the Consumer Federation of America, "offer more personalized service" than banks, which "can make the difference between people getting approved and refinanced out of a loan."</em></blockquote><br />Candido Rodrigues is one happy guy--like me! You can read more at the <a href="http://online.wsj.com/article/SB120287041058064291.html"><i>Wall Street Journal</i> website</a>.<div class="blogger-post-footer"><a href="http://www.lookoutforthelittleguy.org">Credit Unions Look Out for the Little Guy.</a></div>Credit Union Earnings to Me!http://www.blogger.com/profile/16018419798192093879noreply@blogger.com0tag:blogger.com,1999:blog-2211753770133516138.post-54164935613009497052008-02-12T10:10:00.000-05:002008-02-12T10:12:11.685-05:00If the Word Fits, Wear ItI consider myself a life-long learner--or at least a person trying to improve my brain which otherwise went unfilled during elementary school daydreams. (“Little Guy? Little Guy? Hello…Earth to Little Guy.”)<br /><br />Merriam-Webster emails me each morning a new <a href="http://www.merriam-webster.com/cgi-bin/mwwod.pl">“word of the day.”</a> It’s like learning the dictionary one-word-at-a-time. Today’s word struck a credit union tone:<br /><br /><strong>collegium • \kuh-LEG-ee-um\ • noun </strong><br /><br /><em>: a group in which each member has approximately equal power and authority<br /><br />Example Sentence:<br />Each paper published by the journal has been approved by a collegium of scientists.</em><br /><br />Credit unions are not-for-profit, democratically controlled cooperatives, where each member gets an equal say--no matter how much money he or she has in the place.<br /><br />So if the word fits, wear it.<div class="blogger-post-footer"><a href="http://www.lookoutforthelittleguy.org">Credit Unions Look Out for the Little Guy.</a></div>Credit Union Earnings to Me!http://www.blogger.com/profile/16018419798192093879noreply@blogger.com0tag:blogger.com,1999:blog-2211753770133516138.post-78324366374388402732008-02-07T16:59:00.000-05:002008-02-07T17:34:32.172-05:00Report: Credit Unions Are a Financial Services HavenI thought the term "sub-prime" was some type of U.S.D.A. meat rating. That is until we all started hearing about "exotic loans," "teaser rates," and "mortgage meltdown." Ugh.<br /><br />Perhaps I was unaware because my credit union shielded me from such nonsense--that's the word on the street, anyway. That's thestreet.com, which says "Credit Unions Give Banks a Run for Their Money." To quote:<br /><blockquote>"Credit unions are somewhat of a financial services safe haven in today's volatile consumer loan market. They avoided much of the sub-prime debacle by not offering the types of exotic loans and teaser rates that were widely available at the time."</blockquote><br />Is that conclusion any surprise? Shouldn't be--since credit unions are ultimately only responsible to their owners, who collectively (and cooperatively) own the place.<br /><br />TheStreet.com also pointedly notes that's in opposition to banks--which are responsible only to their shareholders.<br /><br />TheStreet.com, in the posting titled "Credit Unions Give Banks a Run for Their Money," also points out how many credit unions are developing "innovative products to attract customers."<br /><br />Among them: Credit cards, which the posting quotes Linda Sherry of Consumer Action as saying:<br /><blockquote>"You should be able to expect fairer terms from your credit union because [it] is owned by its membership, not a profit making entity. Not all credit union credit-card contracts contain arbitration clauses, for instance, which leaves members free to settle disputes through the court system, rather in front of someone who works for a private group often chosen by the bank."<br /></blockquote>Check it on <a href="http://www.thestreet.com/s/credit-unions-give-banks-a-run-for-their-money/funds/saving-money/10402348.html?puc=_tscrss">TheStreet.com</a> ...<div class="blogger-post-footer"><a href="http://www.lookoutforthelittleguy.org">Credit Unions Look Out for the Little Guy.</a></div>Credit Union Earnings to Me!http://www.blogger.com/profile/16018419798192093879noreply@blogger.com0tag:blogger.com,1999:blog-2211753770133516138.post-5773584898397403132008-02-07T08:09:00.000-05:002008-02-07T08:09:28.494-05:00Who’s Looking Out for the Little Guy in ‘08?<p>Do your legislators have an eye on the Little Guy this election year? They should. The Little Guy represents the more than 90 million hard-working Americans who count on not-for-profit credit unions for affordable financial services. (Browse the blog to learn more.) If for-profit banks get their political way, credit unions' lower rates and fees will be history.</p><p>Call or email your legislators to remind them that if they want your support in '08, they should look out for the little guy by looking out for credit unions. Because we can't afford to live in the banks' greedy world.</p><div class="blogger-post-footer"><a href="http://www.lookoutforthelittleguy.org">Credit Unions Look Out for the Little Guy.</a></div>Credit Union Earnings to Me!http://www.blogger.com/profile/16018419798192093879noreply@blogger.comtag:blogger.com,1999:blog-2211753770133516138.post-36256820200026458642008-01-23T18:12:00.000-05:002008-01-23T18:23:59.713-05:00Credit Union, Bank Difference on Magnet Board!This little ditty is circulating on the Internets. It's from <a href="http://www.youngfreealberta.com/">Young &amp; Free--Common Wealth Credit Union</a> in Canada. They apparently have a new under 25 spokesperson. Her name is Larissa.<br /><br /><embed src="http://www.youtube.com/v/cawzTSVTP2M&amp;rel=" width="425" height="355" type="application/x-shockwave-flash" wmode="transparent"></embed><div class="blogger-post-footer"><a href="http://www.lookoutforthelittleguy.org">Credit Unions Look Out for the Little Guy.</a></div>Credit Union Earnings to Me!http://www.blogger.com/profile/16018419798192093879noreply@blogger.com0tag:blogger.com,1999:blog-2211753770133516138.post-77900183047006925362008-01-12T18:14:00.000-05:002008-01-23T18:19:33.870-05:00Virginia Credit Unions Offer Payday HelpWow...it's been awhile. Holidays. Work. School. Eeek. Time is money.<br /><br />I came across this in the <I>Washington Times</i> newspaper. It spotlights how credit unions are picking up where payday lenders have left things a bit untidy:<br /><br /><blockquote>"Mr. Noll's Langley Federal Credit Union is one of a growing number of credit unions, churches and nonprofit organizations that are providing low-cost cash advances as states, including Virginia, grapple with a growing payday loan industry and those left drowning in debt because of it."</blockquote><br /><br />And the reason behind the action:<br /><br /><blockquote>"A credit union typically, almost always, will have the person's best interest in mind as opposed to making a profit off the person," Mr. Noll said. "We're a not-for-profit organization, and we truly exist to provide good service and act in the best interest of our membership."</blockquote><br /><br />Read the entire story <a href="http://washingtontimes.com/article/20080114/METRO/739249853/1004">here</a>.<div class="blogger-post-footer"><a href="http://www.lookoutforthelittleguy.org">Credit Unions Look Out for the Little Guy.</a></div>Credit Union Earnings to Me!http://www.blogger.com/profile/16018419798192093879noreply@blogger.com1tag:blogger.com,1999:blog-2211753770133516138.post-61716018159125638962007-12-10T09:26:00.000-05:002007-12-10T09:30:18.074-05:00Credit Union Holiday Account = No Stress!Not sure if it's correct to call them Christmas or Holiday accounts, but many credit unions continue to offer these little gems. And <a href="http://donna-madeinheaven.blogspot.com/2007/12/done-done-finished.html">this blogger </a>is completely prepared for the season, thanks in part to her credit union:<br /><blockquote>And is any of it charged? NO NO NO!!!! lol I always start adding to my Christmas account at the credit union every Friday. That's ALL it's for. I've done that for years. NO Stress!!!</blockquote><br />No stress--that's all I want for the holidays.<div class="blogger-post-footer"><a href="http://www.lookoutforthelittleguy.org">Credit Unions Look Out for the Little Guy.</a></div>Credit Union Earnings to Me!http://www.blogger.com/profile/16018419798192093879noreply@blogger.com0tag:blogger.com,1999:blog-2211753770133516138.post-76166269828567019042007-12-07T16:30:00.000-05:002007-12-07T16:50:10.845-05:00Credit Union Erases Frustration to Get Home Deal DoneIs quality service and commitment to the consumer becoming so rare that it's considered "old-fashioned?"<br /><br />The headline of a recent <i>New York Daily News</i> story proclaimed, "Old-fashioned credit unions are gaining popularity with homebuyers." It tells about how more New Yorkers are turning to credit unions for quality home loans and service.<br /><br />In this story, Municipal Credit Union in lower Manhattan helped Onika Shepherd and her family move into a home of their own. Onika obviously was thrilled about the credit union and her loan officer:<br /><blockquote>"When I was frustrated, he was the person who showed me how to get a deal done. That's how it's supposed to be in a credit union."</blockquote><br />My credit union continuously evolves to provide the financial products and services I require for my speedy, modern and hectic lifestyle. But the outstanding service never changes. So in a way, I guess I'm old-fashioned, too.<br /><br />Click <a href="http://www.nydailynews.com/money/2007/12/03/2007-12-03_oldfashioned_credit_unions_are_gaining_p.html">here and read the complete story</a>.<div class="blogger-post-footer"><a href="http://www.lookoutforthelittleguy.org">Credit Unions Look Out for the Little Guy.</a></div>Credit Union Earnings to Me!http://www.blogger.com/profile/16018419798192093879noreply@blogger.com0tag:blogger.com,1999:blog-2211753770133516138.post-15972768313366095792007-12-05T18:04:00.000-05:002007-12-05T18:21:08.212-05:00Kansas Credit Unions Offer Payday AlternativesClick your ruby slippers together and repeat: "I want to get out of this payday trap...I want to get out of this payday trap..."<br /><br />Dorothy's magical slippers may be a fantasy, but financially-buried folks in Kansas are following the Yellow Brick Road to local credit unions. The cooperatives now offer alternatives to payday loans, says one credit union leader in the <i>Dodge City Daily Globe</i>:<br /><blockquote>There are a lot of folks who come in and take a payday loan and, for whatever reason, get caught in the trap of not being able to pay that loan. Our goal as a credit union is to help folks who are caught in that situation and show them there is a better way to borrow, a better way to handle their finances, and help them to become good members of our credit union for the rest of their lives.</blockquote><br />And Toto, too! Click <a href="http://www.dodgeglobe.com/stories/120107/loc_20071201021.shtml">here for the online story</a>.<div class="blogger-post-footer"><a href="http://www.lookoutforthelittleguy.org">Credit Unions Look Out for the Little Guy.</a></div>Credit Union Earnings to Me!http://www.blogger.com/profile/16018419798192093879noreply@blogger.com0tag:blogger.com,1999:blog-2211753770133516138.post-48443884113438805822007-12-05T17:55:00.001-05:002007-12-05T18:03:13.729-05:00Credit Unions Are Different; They Have 'Shares'I like being a customer/member/owner of the institution where I borrow and stash my monetary fortune--what little I have, anyway.<br /><br />Customers have money "on deposit" at the bank. I own "shares" at my credit union. Banks pay interest. Credit unions pay dividends.<br /><br />Most deposits and shares are insured by the federal government, as explained in <a href="http://www.thestreet.com/s/how-to-know-if-your-bank-deposits-are-insured/funds/saving-money/10391621.html?puc=_googlen?cm_ven=GOOGLEN&cm_cat=FREE&cm_ite=NA">this story in thestreet.com</a>.<br /><br />Oooh, I feel so riiiich when I get dividends!<div class="blogger-post-footer"><a href="http://www.lookoutforthelittleguy.org">Credit Unions Look Out for the Little Guy.</a></div>Credit Union Earnings to Me!http://www.blogger.com/profile/16018419798192093879noreply@blogger.com0tag:blogger.com,1999:blog-2211753770133516138.post-5466015487086380802007-11-29T12:21:00.000-05:002007-11-29T12:28:43.183-05:00Research: Credit Unions in Top 10 for Customer ExperienceCredit unions were the only non-retailer brand in the top 10 spots in a new Forrester Research's 2007 Customer Experience Survey.<br /><br />"A credit union" clocked in as the No. 5 brand, sharing the limelight with Costco, Borders and Barnes &amp; Noble. According to Forrester:<br /><blockquote>Credit unions and Borders come in first for ease of use. Led by credit unions and Borders, 33 firms received a rating of “excellent” for their ease of use.</blockquote><br />The Cambridge, Mass.-based Forrester asked nearly 5,000 consumers about their interactions with 112 firms in nine industries. Consumers weighed in on the usefulness, usability and enjoyability of those experiences, said Forrester.<br /><br />Retailers dominated the survey's top 10 spots, while the bottom 10 included communications companies, healthcare providers--and banks.<br /><br />Click <a href="http://www.researchrecap.com/index.php/2007/11/26/retailers-dominate-customer-experience-rankings/">here for Forrester's recap</a>, published Nov. 28.<div class="blogger-post-footer"><a href="http://www.lookoutforthelittleguy.org">Credit Unions Look Out for the Little Guy.</a></div>Credit Union Earnings to Me!http://www.blogger.com/profile/16018419798192093879noreply@blogger.com0tag:blogger.com,1999:blog-2211753770133516138.post-85329184488600589822007-11-28T18:12:00.000-05:002007-11-28T18:27:26.179-05:00Hoopty Made Possible By Your Credit UnionWe all know banks and credit unions make both used and new car loans. But hey, some of us feel quite differently about our trusty transporters. Now, Carolina Postal Credit Union in Charlotte, N.C., is singing my siren song. They offer:<br /><br /><blockquote>Great loans for ugly cars.</blockquote><br />As part of the campaign, the credit union is giving away bumper stickers which proudly proclaim, "i love my hoopty."<br /><br />They've even started a blog, where members can submit photos of their joyous jalopies. Are we supposed to have this much fun at a financial institution?<br /><br />Click <a href="http://www.ilovemyhoopty.blogspot.com/">here for ilovemyhoopty</a>.<div class="blogger-post-footer"><a href="http://www.lookoutforthelittleguy.org">Credit Unions Look Out for the Little Guy.</a></div>Credit Union Earnings to Me!http://www.blogger.com/profile/16018419798192093879noreply@blogger.com0tag:blogger.com,1999:blog-2211753770133516138.post-64480748533400231762007-11-26T18:04:00.000-05:002007-11-28T18:10:06.230-05:00Credit Unions Have a Different AtmosphereCredit unions, by offering lower service fees and better interest rates than banks, have carved out a niche for themselves in the financial services industry, according to a Nov. 26 article in a <a href="http://www.delawareonline.com/apps/pbcs.dll/article?AID=/20071126/BUSINESS/711260315/1003">Delaware Business Journal</a>. <br /><br />While some credit unions may not have as expansive branch networks as banks, credit unions have an advantage in offering smaller, more consumer friendly options, the article said.<br /><br />"It's a different atmosphere," said Patrick Mahaney, president/CEO of the Delaware Credit Union League, referring to the facts that unlike banks, credit unions are non-profits, have no shareholders, and have boards of directors composed of unpaid volunteers from the credit unions' membership.<div class="blogger-post-footer"><a href="http://www.lookoutforthelittleguy.org">Credit Unions Look Out for the Little Guy.</a></div>Credit Union Earnings to Me!http://www.blogger.com/profile/16018419798192093879noreply@blogger.com0tag:blogger.com,1999:blog-2211753770133516138.post-84270183424931223182007-11-12T10:43:00.001-05:002007-11-12T10:49:30.265-05:00The Best Little Deal in Banking: Credit UnionsThe secret about credit unions' super value is quickly leaking.<br /><br />The Nov. 12 edition of <i>Money Magazine</i> says credit unions are "the best little deal in banking."<br /><br /><blockquote>Credit unions offer sweet deals on credit cards and auto loans, the best CD rates in the business and heaps of personalized services. And yes, you too can join one.</blockquote><br /><br />I guess the story is not a bad thing: The less secrets that exist in this world, the more consumers benefit.<br /><br />The online version also is available on CNNMoney.com. Click <a href="http://money.cnn.com/2007/11/12/pf/credit_union.moneymag/index.htm?postversion=2007111209">here to read </a>the story.<div class="blogger-post-footer"><a href="http://www.lookoutforthelittleguy.org">Credit Unions Look Out for the Little Guy.</a></div>Credit Union Earnings to Me!http://www.blogger.com/profile/16018419798192093879noreply@blogger.com0tag:blogger.com,1999:blog-2211753770133516138.post-68893245484914963442007-11-09T09:24:00.000-05:002007-11-09T09:36:38.399-05:00Credit Unions Lead, Banks Need Coaxing in Payday AlternativesPublic Radio's <i>Marketplace</i> reports credit unions are trying to help ween people from the perils of payday loans, while reluctant banks need additional coaxing. Read:<br /><blockquote>Faith Community United is one of a small but growing number of credit unions trying to give payday lenders some competition. Now the FDIC wants more banks to jump in to the race. The FDIC's Bob Mooney says that's why the federal agency released guidelines earlier this summer for the type of payday loan they'd like banks to offer: Small, one-month loans capped at a 36 percent annual percentage rate.</blockquote><br />Meanwhile, the bank regulator, the Federal Deposit Insurance Corp. (FDIC) is encouraging banks that it supervises to offer affordable small dollar loans to these customers.<br /><blockquote>To entice banks, the FDIC is offering extra credit at exam time. Every year banks have to show they are trying to meet the federal Community Reinvestment Act by doing business in the rich and poor parts of their neighborhoods. Banks that offer small dollar loans that follow the guidelines will get "very favorable" consideration in their annual reviews.</blockquote><br />I guess we can't blame the banks for not looking out for the little guy. Unlike credit unions, it's not a natural bank tendency for the for-profit fellows.<br /><br />Another stark contrast between banks and credit unions.<br /><br />Read (and listen) to the complete <a href="http://marketplace.publicradio.org/display/web/2007/11/02/an_alternative_to_payday_loans/">segment on the Marketplace website</a>.<div class="blogger-post-footer"><a href="http://www.lookoutforthelittleguy.org">Credit Unions Look Out for the Little Guy.</a></div>Credit Union Earnings to Me!http://www.blogger.com/profile/16018419798192093879noreply@blogger.com0tag:blogger.com,1999:blog-2211753770133516138.post-49594945929946339682007-11-05T12:06:00.000-05:002008-12-08T22:38:05.038-05:00Credit Unions Offer Helping Hand on Capitol Hill<a href="http://2.bp.blogspot.com/_o2Awew-rcN8/Ry9QMgpGUxI/AAAAAAAAAAs/BPAiZvJRR8U/s1600-h/singhumbrella.JPG"><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;" src="http://2.bp.blogspot.com/_o2Awew-rcN8/Ry9QMgpGUxI/AAAAAAAAAAs/BPAiZvJRR8U/s200/singhumbrella.JPG" border="0" alt=""id="BLOGGER_PHOTO_ID_5129406676449252114" /></a>Opening House office building doors, shielding pedestrians from the rain, and distributing mints to Capitol Hill staffers and members of Congress were all activities undertaken during the Credit Union National Association's "Credit Union Helper Day on Capitol Hill" Oct. 24.<br /><br />The tasks performed by CUNA staff members and others were aimed at illustrating to those on Capitol Hill how credit unions help people--especially their members, reports the trade association's <a href="http://www.cuna.org/newsnow/07/wash102407-6.html">News Now</a>.<br /><br />According to CUNA spokesman Patrick Keefe:<br /><blockquote>Generally, people appreciated our efforts, and a good number asked us for more information about why and what we were doing. When we explained our connection to credit unions, we heard more than once 'I love my credit union.'</blockquote><br />However, the CUNA representative said, not everyone was cheered by the credit union efforts. He noted:<br /><blockquote>An apparent group of bankers, entering through a door held by a credit union helper, shouted 'credit unions are evil – they should be taxed.'</blockquote><br />Keefe said the credit union representative just smiled and told them to have a good day.<a href="http://3.bp.blogspot.com/_o2Awew-rcN8/Ry9QYwpGUyI/AAAAAAAAAA0/PSVGnFP4xIk/s1600-h/robinsondoor.JPG"><img style="display:block; margin:0px auto 10px; text-align:center;cursor:pointer; cursor:hand;" src="http://3.bp.blogspot.com/_o2Awew-rcN8/Ry9QYwpGUyI/AAAAAAAAAA0/PSVGnFP4xIk/s320/robinsondoor.JPG" border="0" alt=""id="BLOGGER_PHOTO_ID_5129406886902649634" /></a><div class="blogger-post-footer"><a href="http://www.lookoutforthelittleguy.org">Credit Unions Look Out for the Little Guy.</a></div>Credit Union Earnings to Me!http://www.blogger.com/profile/16018419798192093879noreply@blogger.com0tag:blogger.com,1999:blog-2211753770133516138.post-59444264402295023392007-11-04T12:01:00.000-05:002007-11-05T12:04:50.526-05:00Small Biz Cites Credit Union for Its SuccessCwick Crown, a small family-owned crown moulding business whose products will be launched in 56 New Jersey Home Depots this week, has cited its success in part to its relationship with USA Federal Credit Union in San Diego, according to a story in the Nov. 1 <em>The Daily Transcript</em>.<br /><br />The report says Cwick Crown interviewed several other financial institutions at its start-up prior to partnering with USA Federal Credit Union, but saw that many of the banks would charge high fees. Says Ben Rasmussen, chief operating officer of Cwick Crown: <blockquote><br />We didn't get the personal treatment we have at USA FCU.</blockquote>Click <a href="http://www.sddt.com/News/article.cfm?SourceCode=20071028cra">here for the complete story</a> online.<div class="blogger-post-footer"><a href="http://www.lookoutforthelittleguy.org">Credit Unions Look Out for the Little Guy.</a></div>Credit Union Earnings to Me!http://www.blogger.com/profile/16018419798192093879noreply@blogger.com0tag:blogger.com,1999:blog-2211753770133516138.post-10864466837948787402007-10-25T19:55:00.000-04:002007-11-05T11:58:59.672-05:00Today Show: Credit Unions Best for Small SaversFinancial editor Jean Chatzky, on the Oct. 22 <em>Today Show </em>and in her MSNBC.com column, says credit unions are the best place to go if a consumer is a small saver or a car-loan borrower.<br /><br />Chatzky, who is an editor-at-large for <em>Money</em> magazine, analyzes the "best banks for your buck." She says:<br /><blockquote>Credit unions are like not-for-profit banks. They have an even smaller, more individual presence than small banks. Some have a system of branches, some do not. But they're known for charging lower fees and offering higher rates of interest than banks. The catch is that you have to be a member to get a good deal.</blockquote><br />Read--and watch--the segment online. <a href="http://www.msnbc.msn.com/id/21405927/">Click here.</a><div class="blogger-post-footer"><a href="http://www.lookoutforthelittleguy.org">Credit Unions Look Out for the Little Guy.</a></div>Credit Union Earnings to Me!http://www.blogger.com/profile/16018419798192093879noreply@blogger.com0tag:blogger.com,1999:blog-2211753770133516138.post-19785258998836759992007-10-19T14:46:00.000-04:002007-11-05T11:52:56.742-05:00NPR: Credit Unions Seek Payday Loan ConsumersNational Public Radio's (NPR) "Morning Edition" reported Oct. 15 on credit unions' efforts to help consumers avoid payday loans with high rates.<br /><br />NPR host Steve Inskeep noted that "a growing number of credit unions hopes to steer consumers who are strapped for cash away from payday loans by offering less expensive alternatives."<br /><br />Reporter Cheryl Corley interviewed a woman who had used payday loans, and Ed Jacob, CEO of the North Side Community Federal Credit Union in Chicago.<br /><br />Jacob explained the credit union began offering payday loan alternatives after noticing members were paying interest fees of more than 600% on payday loans. Its short-term loan is for $500, at 16.5%, and is to be repaid in six months.<br /><br />Click <a href="http://www.npr.org/templates/story/story.php?storyId=15276522">here to read the NPR story </a>online.<div class="blogger-post-footer"><a href="http://www.lookoutforthelittleguy.org">Credit Unions Look Out for the Little Guy.</a></div>Credit Union Earnings to Me!http://www.blogger.com/profile/16018419798192093879noreply@blogger.com0